Senior Manager of Prudential Risk

Requirements

• Significant experience in prudential risk, capital management, or a related quantitative risk discipline within financial services, gained in a second-line, regulatory, or specialist advisory capacity

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• Deep, hands-on knowledge of MIFIDPRU and the ICARA process, including capital adequacy assessment, wind-down analysis, and stress testing

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• Proven track record of developing and maintaining capital models and quantitative risk methodologies, with strong model governance practices

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• Experience preparing regulatory submissions and engaging directly with the FCA or PRA on prudential matters

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• Demonstrated ability to partner with Finance on capital planning and forecasting processes

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• A relevant professional qualification (e.g. CFA, FRM, ACA, or equivalent) is advantageous but not essential

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• Quantitatively strong — comfortable building and stress-testing models, interpreting outputs critically, and communicating uncertainty with appropriate nuance

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• Regulatory fluency — able to navigate complex rulebooks and translate technical requirements into clear, practical guidance for a business audience

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• Precise communicator — produces written work of the quality required for regulatory submission and Board-level consumption

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• Commercially aware — understands business drivers and calibrates capital assessments to reflect real-world constraints and strategic priorities

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• Collaborative and influential — builds trusted cross-functional relationships, particularly with Finance, and operates effectively without direct authority

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• Follows IG’s five performance principles: Lead and Inspire, Think Big, Champion the Client, Deliver at Pace, and Raise the Bar

What the job involves

• This is a technically demanding, high-visibility role at the core of IG’s second line of defence. As Senior Manager, Prudential Risk, you will be IG’s in-house expert on capital adequacy and prudential regulation — owning the ICARA process end-to-end and ensuring IG’s regulatory submissions to the FCA meet the highest standards of rigour

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• Working in close partnership with Finance and the wider Risk function, you will translate complex regulatory requirements into well-governed capital planning processes. This is a role for a rare combination: quantitative capability, regulatory fluency, and the credibility to engage confidently with the FCA, senior management, and Board-level committees

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• Own and execute IG’s Internal Capital Adequacy and Risk Assessment (ICARA) process end-to-end, coordinating risk assessments, wind-down analysis, and capital and liquidity adequacy assessments across the Group

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• Design and run stress testing programmes that credibly challenge IG’s capital position under a range of macroeconomic, market, and idiosyncratic scenarios

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• Produce the ICARA document to a standard that withstands FCA scrutiny, incorporating clear narrative, robust quantitative analysis, and well-evidenced conclusions

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• Drive continuous improvement of the ICARA methodology, embedding lessons from regulatory feedback and evolving best practice

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• Develop and maintain IG’s capital models, covering Pillar 1 own funds requirements, Pillar 2 add-ons, and operational risk capital quantification

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• Build and refine quantitative risk methodologies, including scenario analysis frameworks, tail loss modelling, and sensitivity analysis tools

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• Maintain model documentation to the standard required for internal governance and regulatory review, ensuring assumptions, limitations, and calibration are clearly articulated

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• Monitor MIFIDPRU developments and FCA thematic reviews, assessing implications for IG’s capital models and ensuring methodologies remain current

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• Prepare regulatory submissions and associated documentation for FCA requirements, including ICARA submissions, regulatory returns, and responses to supervisory requests

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• Act as subject matter expert during regulatory examinations and thematic reviews, presenting IG’s capital assessment approach with clarity and authority

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• Draft IG’s responses to FCA consultations relevant to prudential regulation, identifying practical implications and setting out well-reasoned positions

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• Maintain current knowledge of MIFIDPRU, CRD/CRR developments, and FCA supervisory priorities, translating requirements into actionable internal guidance

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• Partner closely with Finance on capital planning, forecasting, and ongoing monitoring, ensuring risk and finance perspectives are well integrated in IG’s capital management process

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• Produce regular capital adequacy MI for Risk Committee and Board, providing clear analysis of headroom, sensitivities, and emerging risks to the capital position

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• Support strategic initiatives and M&A activity by providing capital impact assessments and scenario modelling as required

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• Contribute to wind-down planning and recovery analysis, ensuring capital and liquidity adequacy under stress is well-evidenced and clearly documented

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• Key Deliverables & Outcomes:

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• An ICARA process and document that is robust, well-governed, and consistently meets FCA expectations

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• Capital models and quantitative methodologies that are credible, well-documented, and subject to appropriate governance

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• Regulatory submissions of the highest quality, produced on time and to standard

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• A stress testing programme that provides genuine insight into IG’s capital resilience across a range of scenarios

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• Strong, trusted relationships with Finance enabling integrated and forward-looking capital planning

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• Clear, actionable capital adequacy MI that supports informed decision-making at committee and Board level

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